(1) Notwithstanding anything contained in this Act or any other law or any agreement or usage, the tenants holding lands as such tenants may agree and may make an application to the Tahsildar in the prescribed form for the exchange of their tenancies in respect of the lands held by them as tenants.
(2) On receipt of the application, the Tahsildar after giving notice to the landlords concerned and after making an inquiry may sanction the exchange on such terms and conditions as may be prescribed and may issue certificates in the prescribed form to the applicants:
Provided that where as a result of the exchange the rights under this Act of the landlords of the lands to be exchanged are likely to be adversely affected the Tahsildar shall not sanction the exchange except with the consent of the respective landlords.
(3) The Certificates so issued shall be conclusive of the fact of such exchange against the landlords and all persons interested in the lands exchanged.
(4) Each of the two tenants shall on exchange hold the land on the same terms and conditions on which it was held by the original tenant immediately before the exchange subject to such modifications as may have been sanctioned by the Tahsildar.
(5) Nothing in the foregoing provisions of this section shall be deemed to authorise the exchange of the tenancies between tenants who do not belong to the same class.